Ministry of Trade, Industry and Energy

President Park's U.S. Visit to Boost Economic Ties

      President Park Geun-hye is visiting the United States from October 13 to 16 accompanied by Minister of Trade, Industry and Energy Yoon Sang-jick and South Korea's largest-ever business delegation of 164 companies.   The South Korean leader will pay a visit to the National Aeronautics and Space Administration (NASA) on Wednesday to discuss bilateral cooperation in the space sector, followed by a meeting with Vice President Joseph Biden on Thursday and a summit and joint press conference with President Barack Obama on Friday.   The 164-company business delegation accompanying President Park, which includes executives of South Korea's top conglomerates like Samsung Electronics and Hyundai Motors as well as small and medium enterprises, is more than triple the size of the one that she led on her last state visit to the U.S. two years ago.   Its huge size reflects the Korean business community's eagerness to cooperate with their U.S. counterparts to capitalize on the booming trade between the two countries since the Korea-US Free Trade Agreement (KORUS FTA) went into force in 2012.   Bilateral trade has soared by more than 15 percent since 2011, causing the United States to rise from South Korea's 4th to its 2nd largest trading partner after China, as the KORUS FTA gradually eliminates trade barriers and tariffs on hundreds of products.   To find out more about the state visit, please see President Park's official website at date2015-10-14

MOTIE Deputy Minister Attends 12th APEC Energy Ministers' Meeting

The MOTIE's Deputy Energy Minister Jung Yang-ho participated in the 2015 APEC Energy Ministrial Meeting held in Cebu, the Philippines, yesterday, to present South Korea's energy policy stance.   At this year's gathering, more than 200 delegates from member economies discussed ways to ensure functioning power systems amid weather swings and surging demand, among other topics.   For more information about the outcomes of the 12th APEC Energy Ministers' Meeting. please visit the relevant date2015-10-14

South Korea Hosts 10th RCEP Talks

      South Korea is hosting the 10th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) in its largest southern coastal city of Busan this week.   The MOTIE's Vice Trade Minister Moon Jae-Do said in a keynote speech on Monday that "foundations were laid to speed up economic integration in East Asia" through RCEP, a multilateral free trade agreement (FTA) involving China, South Korea, Japan and 10 ASEAN members as well as India, Australia and New Zealand.   Moon asked negotiators to seek "creative and constructive alternatives" to make progress at this week's gathering, where around 700 delegates joined to discuss the mega-FTA framework.   On the sidelines of the RCEP talks, Vice Minister Moon held a meeting with Iman Pambagyo, RCEP trade negotiating committee chairman, to seek better South Korea-ASEAN relations. date2015-10-14

MOTIE Vice Minister Discusses Bilateral Cooperation with German Deputy Economic Minister

      The MOTIE's Second Vice Minister Moon Jae-do received a visit by a government delegation from Germany led by Deputy Economic Minister Matthias Machnig at his satellite office in Seoul this week.   During the visit, Vice Minister Moon exchanged views on how to promote economic and industrial cooperation between South Korea and Germany with Deputy Minister Machnig, who is accompanying German President Joachim Gauck in Seoul for a state visit. date2015-10-14

MOTIE Minister and Uzbek Deputy Prime Minister Seek Ways to Strengthen Bilateral Cooperation

      Minister of Trade, Industry and Energy Yoon Sang-jick received a visit by a government delegation from Uzbekistan led by Deputy Prime Minister Gulomjon Inomovich Ibragimov at his satellite office in Seoul over the weekend.   During the visit, Minister Yoon and Deputy Prime Minister Ibragimov discussed ways to strengthen bilateral economic cooperation in energy, resources and other key areas between South Korea and Uzbekistan. date2015-10-13

MOTIE's Deputy Energy Minister Attends 12th ASEAN+3 Ministers on Energy Meeting

      Jung Yang-ho, deputy minister for energy at the Ministry of Trade, Industry and Energy (MOTIE), attended the 12th ASEAN+3 (China, Japan, the Republic of Korea) Ministers on Energy Meeting (AMEM+3) held in Kuala Lumpur, Malaysia, last week.   The meeting was part of the 33rd ASEAN Ministers on Energy Meeting (AMEM 33) and related meetings, where participants agreed to continue cooperating in studying energy security solutions in the region such as nuclear power, oil stockpiling and clean coal technologies. date2015-10-13

MOTIE to Host Foreign Investment Week 2015

      The Ministry of Trade, Industry and Energy (MOTIE) will host the 10th annual "Foreign Investment Week 2015" (FIW 2015) from October 13 to 15 at the Grand InterContinental Seoul Parnas hotel to promote investment opportunities in South Korea.   About 650 foreign investors and members of the press will join 350 guests from local companies and the Korean government to attend the country's largest international investment promotion event.   MOTIE Minister Yoon Sang-jick will deliver welcome remarks at the opening ceremony of the forum, which will feature investment conferences and seminars, panel discussions, one-on-one meetings, visits to industrial sites and multiple networking events where global entrepreneurs and investors can find new opportunities in Asia's fourth-largest economy.   FIW 2015 is being held under the theme of building a foundation for a business hub in Northeast Asia. Participants will have a chance to learn about South Korea's efforts to lure foreign investment by strengthening its infrastructure and enhancing its investment landscape.   This year's event will especially highlight the business opportunities created by South Korea's growing FTA network of 52 countries, which now includes the U.S., the EU, and China, as well as the investment potential of its Korea Free Economic Zones (KFEZ).   To find more about Foreign Investment Week 2015, please visit its English website at . date2015-10-12

MOTIE Minister Yoon Attends Completion Ceremony for PE Factory by SK and Sabic

      Minister of Trade, Industry and Energy Yoon Sang-jick attended the ceremony for the completion of a new industrial plan to manufacture a range of high-performance polyethylene products in Ulsan, South Korea, yesterday.   The plant is a joint venture between SK Global Chemical Co. and Saudi Arabia's SABIC, whose top officials, including SK Group Chairman Chey Tae-won and SABIC Chairman Prince Saud bin Abdullah bin Thenayan Al-Saud, attended the ceremony.   For more information about the 50-50 joint venture holding company, please check the related news by Aran News: date2015-10-08

MOTIE 2nd Vice Minister Moon Attends G20 TMM in Istanbul

      MOTIE Second Vice Minister Moon Jae-do attended the G20 Trade Ministers' Meeting (TMM) in Istanbul yesterday, where ministers discussed ways to facilitate global trade in order to promote economic growth and create more jobs across the world.   On the sidelines of the meeting, Minister Moon held a one-on-one meetings with his counterparts from China, Brazil, Turkey and Canada, to strengthen bilateral economic cooperation between South Korea and these countries. date2015-10-06

South Korea’s FDI Trends in the 3Q of 2015

    □ Accumulated foreign direct investmentFDI) to South Korea for three quarters of 2015 decreased from a year earlier. The declared amount fell 10.5 percent to USD 13.27 billion and the received amount rose 9.0 percent to USD 10.82 billion from a year earlier, which means passing USD 10 billion in the shortest time ever. These numbers far exceed the average number for the past five years, mainly attributable to investments in service and construction industries.   □ - FDI to South Korea in 2015 seems to record similar amount compared to that of a year earlier based on numbers from the past and signs of investment recovery.   - South Korea plans to achieve $ 20 billion in FDI for the first time in 2015. To this end, the country will make various efforts in fourth quarter as follows: It will host “Foreign Investment Week 2015” from Oct. 13 to 15 in Seoul, inviting over 1,000 people including potential investors, those from domestic foreign investment companies, and foreign press. The activities will be mainly investment attraction activities with some forums and press conferences. It will also host events in Japan, Australia, and European countries involving investment consultation meetings and investment attraction activities for new industry of energy in preparation for “New Climate System”   date2015-10-05